Credit Cards and Debt

Swipe, Swipe, Swipe…  It is Christmas time!  Your credit card bills are likely rising and there are some things you need to remember this holiday season so we don’t have to visit later! 

Credit Card Companies do not want you out of debt!

Your credit card company stays in business through people paying interest.  If you are familar with the “Rule of 72″ you know that if you divide your interest rate into 72, that’s about how long it takes money to double.  For instance, if you are paying 16% interest on your credit card, you will pay the credit card company the full balance and you will still owe the same amount of money in 4.5 years.  This is the trap and why it is so important to get ahead of the curve and manage your expenses before they get out of control.

What if your credit cards already are an undue hardship on you?

Fortunately, there are laws which protect us as citizens from having everything stripped if we are unable to meet our obligations in regards to debt.  This comes with limitations, as it should, but the basic fact is if you are in way over your head, there may be something we can do for you!

If you are not in over your head, make sure to be careful not to overspend this holiday season.  If you are, give us a call for a free initial bankruptcy consultation in Denver!